Economics, Global Edition

PART 1: INTRODUCTION

• 1. Economics: Foundations and Models
• Appendix: Using Graphs and Formulas
• 2. Trade-offs, Comparative Advantage, and the Market System
• 3. Where Prices Come From: The Interaction of Demand and Supply
• 4. Economic Efficiency, Government Price Setting, and Taxes
• Appendix: Quantitative Demand and Supply Analysis

PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS

• 5. Externalities, Environmental Policy, and Public Goods
• 6. Elasticity: The Responsiveness of Demand and Supply
• 7. The Economics of Health Care

PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES

• 8. Firms, the Stock Market, and Corporate Governance
• Appendix: Present Value
• Online Appendix: Tools to Analyze Firms' Financial Information
• Comparative Advantage and the Gains from International Trade

PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

• 10. Consumer Choice and Behavioral Economics
• Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
• 11. Technology, Production, and Costs
• Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost

PART 5: MARKET STRUCTURE AND FIRM STRATEGY

• 12. Firms in Perfectly Competitive Markets
• 13. Monopolistic Competition: The Competitive Model in a More Realistic Setting
• 14. Oligopoly: Firms in Less Competitive Markets
• 15. Monopoly and Antitrust Policy

PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME

• 16. The Markets for Labor and Other Factors of Production
• 17. Public Choice, Taxes, and the Distribution of Income

PART 7: MACROECONOMIC FOUNDATIONS AND LONG-RUN GROWTH

Glenn Hubbard, policymaker, professor, and researcher. Hubbard is Dean emeritus and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Fixed-Income Funds, and MetLife. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Quarterly Journal of Economics; RAND Journal of Economics; and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien, award-winning professor and researcher. O’Brien is Professor of Economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic